TORONTO – Wi-LAN has signed a definitive acquisition agreement to buy Tri-Vision International following terms announced March 27, Tri-Vision announced Friday.
Under the agreement, Tri-Vision will become a wholly-owned subsidiary of
Wi-LAN, and each Tri-Vision common share will be exchanged for a fraction of a Wi-LAN common share.
The merged company will have access to Wi-LAN’s intellectual property portfolio in the wireless and telecom worlds and access to the V-chip market.
“I believe this is a great fit for Wi-LAN and further accelerates our growth strategy,” said Jim Skippen, Wi-LAN president and CEO. “Given the significant synergies with our potential licensees, it is a definite win-win for both companies. Many of the major companies who require a V-chip license are also targets for Wi-LAN’s existing portfolio.”
Tim Collings, chair of Tri-Vision and V-chip inventor, said Wi-LAN’s licensing expertise should lead to greater enforcement of the V-chip patent rights, particularly in the U.S. market.
The boards of directors of both companies unanimously approved the transaction.
The Tri-Vision will recommend that its shareholders vote in favour of the transaction. Senior officers and directors holding over 24% of Tri-Vision’s outstanding common shares have agreed to vote in favour of the transaction and have signed a lock-up agreement.
The transaction is also subject to regulatory approvals and the approval.
The transaction is expected to be completed by late June 2007.
